Home Buying in 11756>Question Details

Arielafe, Home Buyer in Port Jefferson Station...

Can we outbid other offers on a short sale after the bank has said how much they are willing to accept?

Asked by Arielafe, Port Jefferson Station, NY Wed Oct 28, 2009

We have submitted an offer on a short sale. The seller's realtor said that there is one other offer that is a little higher than our own. She has submitted our offer to the lein-holding bank(s) and is waiting to hear what they are willing to accept for the house. If the bank agrees to the terms of the other offer, can we make a counter offer at that time?

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Gail Gladstone’s answer
As Camille stated, the banks generally accept an offer and go forward; it seems as if timing is almost everything.

In actuality, the banks will be happy to receive multiple offers and then make a decision; however, Long Island practice is to submit one...period!
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Oct 28, 2009
If the bank accepts the other offer you are out of luck; if this is the property you must have why not up your bid and take no chances--don't forget most of these short sales are already way below market value.
0 votes Thank Flag Link Wed Oct 28, 2009
No. Only if the bank does not accept the other offer.
You might be lucky and get your new offer in before the
other buyer gets their counteroffer in.
These shortsales are not always straight forward like a regular
purchase. So I wish you luck. If you really want this house
tell the realtor that and they will tell you what you have to do to
get it.

Camille Dandola
Charles Rutenberg Realty
0 votes Thank Flag Link Wed Oct 28, 2009
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